By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were pulling back mid-session Monday, due to pressure from sharp declines in Chicago soyoil.
An analyst commented that Brazilian soybeans were significantly cheaper than those from the United States.
“Look out canola, it’s going to get pretty ugly,” he stated, adding “it’s difficult to be encouraged by the oilseed side right now.”
Losses in Chicago soybeans, European rapeseed, and Malaysian palm oil also weighed on canola values, while higher soymeal attempted to limit those declines. Despite widespread turmoil in the Middle East, global crude oil prices fell back due to China’s sluggish economy, putting pressure on the oilseeds.
By late Monday morning the Canadian dollar was virtually unchanged with the loonie at 74.33 U.S cents.
Approximately 22,300 canola contracts were traded as of 10:25 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 613.50 dn 10.70 May 619.10 dn 10.30 Jul 621.50 dn 11.50 Nov 620.20 dn 11.10
